KSTR
Major Contributor
It is a passive design with most of the gain happening (in the THAT1510) before the RIAA equalizer circuit and some final gain at the output, compromising headroom (the higher the frequency the lower the headroom as the passive EQ can only reduce levels vs frequency).Weird to see such a beefy power supply, and real heat sinks for output devices, and yet have headroom be the limiting factor.
The graphs indicate and the manufacturer's info on their website confirms this.
EDIT: crossposting with @LTig